Candidates have two minutes each to respond, rest of segment used for discussion

Source: Commission on Presidential Debates

Campaign trail

With the first debate behind them, the president and Romney headed back to their cross-country travels, seeking voters' support for next month's election.

Romney is holding a rally in the southeastern state of Virginia with his running mate, Congressman Paul Ryan. Obama began his day in Denver, Colorado, the site of Wednesday night's debate, and he will travel later to Wisconsin, which is Ryan's home state.

Economy

During the debate Romney said Obama's policies have weakened the American economy and increased the national debt. He contended the president, if re-elected, would increase taxes and raise government spending to worsen the federal deficit.

"So how do we deal with it [the deficit]? Well, mathematically, there are three ways that you can cut a deficit," said Romney. "One, of course, is to raise taxes; number two is to cut spending, and number three is to grow the economy, because if more people work in a growing economy, they are paying taxes and you can get the job done that way. The president would prefer raising taxes, I understand. The problem with raising taxes is that it slows down the rate of growth and you can never quite get the job done."Taxes

Romney said middle-income Americans have been "buried" or "crushed" under high taxes. He contends tax rates on both corporations and individuals must be reduced.

"This is where budgets matter, because budgets reflect choices," said Obama. "So when Governor Romney indicates that he wants to cut taxes, and potentially benefit [high-income] folks like me and him, and to pay for it we're having to initiate significant cuts in federal support for education, that makes a difference."

The president said the first role of the federal government is to "keep the people safe," but it also should create "frameworks" in which people can succeed. He noted that, in the past, the government has helped create railroads, research institutions and educational institutions.

Health care

The two men also sparred about the health care reform law that Obama pushed through Congress. Romney once again pledged that he would repeal the law, commonly known as "Obamacare," if he were elected. He criticized the president for focusing on health care rather than the economy during Obama's first years in office.

"There was a survey done of small businesses across the country that [asked], 'What has been the effect of Obamacare on your hiring plans?' And three-quarters of them said it makes us less likely to hire people," said Romney. "I just don't know how the president could have come into office [in January of 2009] facing 23 million people out of work, rising unemployment, an economic crisis at the kitchen table, and spent his energy and passion for two years fighting for Obamacare instead of fighting for jobs for the American people."

Obama said the need to reform the U.S. health care system was and is a key issue for all Americans - business owners and individuals.

"Well, four years ago when I was running for office I was traveling around and having those same conversations that Governor Romney talks about," said Obama. "And it was not just that small businesses were seeing costs skyrocket, and they could not get affordable coverage even if they wanted to provide it to their employees. It was not just that this was the biggest driver of our federal deficit, our overall health care costs. But it was families who were worried about going bankrupt if they got sick."

Accomplishments

In his closing statement, the president said he wants to expand the accomplishments of his first four years in the White House. He said he will work for change just as hard in a second term as he did in his first.

Romney, who had the last word in the nationally televised debate, said re-electing the president would mean more hardship for the American middle class.

The two candidates will meet for another debate on October 16 - a town hall-style session in which they will take questions from audience members.

Photo Gallery

Kim Li, a junior at Denver University, watches the first 2012 U.S. presidential debate between President Barack Obama and Republican presidential nominee Mitt Romney on an outdoor screen at Denver University in Denver, Colorado, October 3, 2012.

Republican presidential candidate Mitt Romney, left, listens to President Barack Obama during the first presidential debate at the University of Denver.

President Barack Obama smiles at moderator Jim Lehrer during the first presidential debate with Republican presidential nominee Mitt Romney at the University of Denver.

Moderator Jim Lehrer speaks to the audience at the start of the first presidential debate between President Barack Obama and Republican presidential nominee Mitt Romney in Denver.

Mitt Romney smiles at President Barack Obama during the first presidential debate.

President Barack Obama and Republican presidential nominee Mitt Romney participate in the first presidential debate at the University of Denver in Denver.

Jessica Johnston (holding sign) watches the first 2012 presidential debate on an outdoor screen at Denver University in Denver, Colorado.

Dawn, left, and Randy Cornell, watch the presidential debate at the United Steelworkers Local 4856 Union Hall in Henderson, Nevada.

With a broadcast of the presidential debate reflected in a mirror above the bar, customers at the Havana Social Club in Seattle watch President Barack Obama and Republican challenger Mitt Romney debate.

Harriet Garrett reacts while watching the first Presidential debate between Republican presidential candidate, former Massachusetts Gov. Mitt Romney, and President Barack Obama at a restaurant in the West Oak Lane section of Philadelphia.

Comments

by: Cranksy from: USA

October 04, 2012 1:14 PM

In the following quote Romney contradicts himself. First, he says raising taxes is a way to cut a deficit; then he says in the last sentence that it doesn't work: "So how do we deal with it [the deficit]? Well, mathematically, there are three ways that you can cut a deficit," said Romney. "One, of course, is to raise taxes; number two is to cut spending, and number three is to grow the economy, because if more people work in a growing economy, they are paying taxes and you can get the job done that way. The president would prefer raising taxes, I understand. The problem with raising taxes is that it slows down the rate of growth and you can never quite get the job done."

by: Godwin from: Nigeria

October 04, 2012 12:45 PM

Thanks to God for this vivid victory. The more open the electorate and the press present these matter, the better for all of us. 67% to 25%, as also 46% to 22% is a good number margin. It's time Americans told themselves the truth - Deficit fiscal measures is not a way to run a government and give the people job, never. A God-fearing president is what you need not one who rejects God. Please tell yourselves the truth even in an election year. God bless America.

VOA Election Night TV Coverage

President Barack Obama defeated Republican rival Mitt Romney to win reelection to the White House for four more years. VOA covered the results as they came in along with the victory and concession speeches by the candidates.